Credit, collections & insolvency news

The UK Card Association has it’s latest statistics from November 2016. The key findings include:

Payment card spending grew by 1 per cent in November to reach £56.0 billion, driven by a £476 million rise in debit card spending.

£13.2 billion was spent online during the month including Black Friday and Cyber Monday – the highest level since records began three years ago, and representing 24 per cent of total card spending in November.

Retail sector card spending grew by £129 million in November to £25.5 billion. Service sector card spending rose £402 million to £30.5 billion.

Spending on hobbies, toys and games and at department stores had the highest monthly growth, rising 68 per cent and 34 per cent respectively, as the Christmas shopping season began.

The debit and credit card share of total retail sales was 76.7 per cent in November.

Richard Koch, Head of Policy at The UK Cards Association, said “November saw the strongest monthly growth in card spending in four months, with debit cards accounting for most of the increase at the start of the Christmas shopping season. The record spend online highlights the importance of card payments in internet retail, and the wider economy too.”